Cochin Shipyard Limited (CSL) has announced the incorporation of its Joint Venture Company, “Green Maritime Propulsion Private Limited,” on June 11, 2026. This JV, formed with HBL Engineering Limited, aims to develop electric mobility technology and energy storage solutions for the maritime sector. CSL holds a 40% stake, subscribing to equity shares at face value, underscoring a strategic move towards sustainable maritime solutions and indigenous capabilities.
Joint Venture Entity Established
Cochin Shipyard Limited (CSL) has officially announced the incorporation of a new Joint Venture Company named “Green Maritime Propulsion Private Limited”. The incorporation date is marked as June 11, 2026. This development follows the Joint Venture Agreement executed on March 25, 2026, between CSL and HBL Engineering Limited (HBL).
Strategic Objectives and Shareholding
The primary objective of this Joint Venture is to develop electric mobility technology and energy storage solutions specifically for the maritime sector. CSL has subscribed to 36 lakh equity shares in the JV Company, representing 40% of its equity share capital. The total initial share capital of the JV is Rs. 9 crore. HBL Engineering Limited holds the remaining 60%. All shares were subscribed to by both parties at face value, with CSL’s investment amounting to Rs. 3.60 crore.
Industry Focus and Government Support
The entity operates within the Maritime Electric Mobility and Energy Storage Technology industry. This collaboration is designed to leverage the core strengths of both CSL and HBL to foster indigenous capabilities and develop products for both domestic and global maritime markets. It aligns with the Government of India’s vision of ‘Aatmanirbhar Bharat’ and aims to capitalize on the growing adoption of electric and hybrid propulsion systems in the maritime industry.
Regulatory Approvals and Future Outlook
CSL, as a Government of India Company, has obtained the necessary concurrence from the Ministry of Ports, Shipping and Waterways (MoPSW) and the Department of Investment and Public Asset Management (DIPAM) for this venture. The incorporation of the JV Company and the subscription of shares have been completed, signifying a crucial step towards advancing sustainable maritime technologies in India and globally.
Source: BSE
